On January 1, Wei Company begins the accounting period with a $30,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $6,800 in customer accounts was uncollectible; specifically, $900 for Oakley Co. and $5,900 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $900 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received.

On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Expected Percent Uncollectible Receivable $ 800,000 320,000 64, 000 32,000 12,800 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due 1.30% 2.05 6.55 33.00 69.00 Problem 7-3A (Algo) Part 3 3. On June 30 of the next year, Jarden concludes that a customer's $5,000 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income? Does this write-off directly affect Jarden's net income?

The accounts receivable balance for Renue Spa at December 31, Year 1, was $89,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,300. During Year 2, $2,300 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $100 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $214,000, and cash collections from receivables were $215,963. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the per Required Record the transactions in general journal form and post to T-accounts. Based on the preceding information, compute (after year-end adjustment):  (1) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts receivable at December 31, Year 2. (3) Net realizable value of accounts receivable at December 31, Year 2.  3.What amount of uncollectible accounts expense will Renue…

Ayayai Corp. uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) January 5   Sold merchandise to Sue Land for $2,100, terms n/15. April 15   Received $430 from Sue Land on account. August 21   Wrote off as uncollectible the balance of the Sue Land account when she declared bankruptcy. October 5   Unexpectedly received a check for $690 from Sue Land.   Date Account Titles and Explanation Debit Credit Choose a transaction date                                                           January 5April 15August 21October 5 Enter an account title to record sales on account Enter a debit amount Enter a credit amount   Enter an account title to record sales on account Enter a debit amount Enter a credit amount…

The company estimates future uncollectible accounts. The company determines $16,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)

Can I please get help with this question along with a quick explaination to help me understand?

Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,000 account of a customer, C Green. On March 9, it receives a $500 payment from Green. 1. Prepare the journal entry for January 31 2. Prepare the journal entries for March 9; assume no additional money is expected from Green. View transaction list Journal entry worksheet

On January 1, Wet Company begins the accounting period with a $35,000 credit balance in Allowance for Doubtful Accounts a. On February 1, the company determined that $7.800 in customer accounts was uncollectible specifically $1,400 for Oakley Company and $6,400 for Brookes Company Prepare the journal entry to write off those two accounts b. On June 5, the company unexpectedly received a $1.400 payment on a customer account. Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received View transaction list Journal entry worksheet < 1 2 3 On February 1, the company determined that $7,800 in customer accounts was uncollectible; specifically, $1,400 for Oakley Company and $0.400 for Brookes Company. Prepare the journal entry to write off these two accounts. Note: Enter debits before credits. Date February 01 General Journal Debit Credil Record entry Clear entry View general journal

The accounts receivable balance for Renue Spa at December 31, Year 1, was $86,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,300. During Year 2, $2,300 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $190 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $218,000, and cash collections from receivables were $220,000. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period.  Required Record the transactions in general journal form and post to T-accounts. Based on the preceding information, compute (after year-end adjustment):  (1) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts receivable at December 31, Year 2. (3) Net realizable value of accounts receivable at December 31, Year 2.  What amount of uncollectible accounts expense will Renue…

This question uses the same facts as the previous question and is repeated for your convenience. The following information relates to Hanover Foods, Inc. for the year 20X1: Accounts receivable (January 1, 20X1) Credit sales during 20X1 Collections from credit customers during 20X1 Customer account written off as uncollectible during 20X1 Allowance for Doubtful (Uncollectible) Accounts $334,000 850,000 725,000 12,000 (this balance is given after writing-off uncollectible accounts and has a credit balance) Estimated uncollectible accounts based on aging analysis If the aging approach is used to estimate bad debts, what amount should be recorded as bad debts expense for 20X1? 1,700 13,200